Words of advice from "Hip Hop's Financial Advisor"

The President plans to levy tariffs on steel and aluminum, even though tariffs have previously been proven ineffective. So what’s really going on?

Look, there is perhaps no other place that has been hit harder by the decline of the steel industry than Pittsburgh and its surrounding areas.

And to be clear, I’m as Pittsburgh as it gets. I was born and raised there. I got my engineering degree from the University of Pittsburgh and my MBA from Carnegie Mellon. I built my business there. Our football team, and the best football team on the planet, is called the Steelers.

So I get it.

I’d love for my friends, family and neighbors to take care of themselves and their families with good, blue collar jobs in the area. But the reality is, most of those jobs aren’t coming back.

Yet, Pittsburgh has flourished because it decided to stop trying to hold on to the economy of the past, and made an intentional shift toward the economy of today and tomorrow by putting a focus on eds, meds and high technology.

Which is why the tariffs seem so misguided, since tariffs in general don’t work, and more specifically won’t do much to change the landscape of the steel industry in this country.

But the President has made empty promises like this before. He stood in front of a bunch on worried workers at a Carrier plant in Indiana, and insisted that he had “saved their jobs” by negotiationg a deal with the company. Then, Carrier STILL shipped the jobs to Mexico that it had planned to send there and it also took millions of dollars in handouts from the state.

Is that the art of the deal?

Why is Britain affecting US markets?

I had the exciting opportunity to share my thoughts with an international audience on CNN Newsroom with Fredricka Whitfield, where I engaged in a debate on this topic with former Trump economic adviser Stephen Moore.

Check out the video above for my thoughts on the tariffs and what we should really be doing for displaced workers in America.

College is expensive. Paying for it is hard. Here’s how to make it easier.

If you borrowed money to pay for that expensive degree, you get a six month grace period, and then it’s time to start paying up!

I gave some tips on my recent financial advice segment on Fox Philly that can help you with managing your student loan payments.

If you’re making a good salary – refinance.

You’ll likely get a lower interest rate, a lower payment and you’ll pay much less of your hard earned cash over the life of the loan.

If you think you’re going to have trouble paying – consolidate

This won’t change your rate, but you can combine all of your loans into one simple payment, and the combined loan will be eligible for programs that the federal government offers like:

Income Driven Repayment Plans

You can apply for programs that will cap your payment at 10-20% of your income and may be forgiven after 20-25 years.

Loan Forgiveness

If you work in public service, you may be eligible to have your loans forgiven after 10 years. Some states and other organizations also offer loan forgiveness programs. For example, Pennsylvania offer 100k to doctors who work with underserved populations for two years.

Don’t Change Your Lifestyle Too Quickly

Keep living like a college student for awhile so you can be more aggressive at paying your loan back.

Hold off on making major purchases

Don’t feel like you have to go and buy a big house or a nice car just because there is a degree on the wall.

Best Tip Ever – Focus on Making More Money

All of the above tips will help you when you’re in a bind, but the best way, BY FAR, to pay your student loans back is to have an intense focus on making more money.

Accelerating your path at your company, freelancing on nights and weekendds or starting a business will be much more effective than cutting things out of your budget. There are only so many things you can cut from your spending, but your earning potential is limitless!

For tips on how to start a business to help pay back your student loans, check out my free Expert Empire training here: http://www.expertempire.co

Time is money. The sooner you acknowledge that, the sooner you’ll begin spending it wisely.

The only thing that kills me as much as watching someone wasting their money, is watching them waste their time.

See, if you go out and waste a dollar, you can work hard and make it back 10 times. But everyday that you waste is a day that you can never get back.

Here are a few things you need to know about your time, if you truly want to use it to build wealth:

Being “busy” is not the same as being productive.

Are you stuck doing busy work, or are you doing your “life’s work?”

Stop going through the motions!

Spending your time wisely starts with knowing exactly what it is you want to accomplish and why. It’s only then that you can determine the steps that it’s going to take to get there. Without this, you’ll just wander aimlessly through life while helping someone else live their dream.

Create a budget for your time.

You already know that you need a budget for your money. Truly successful people also have a budget for their time.

Use a planner or the calendar app on your phone to schedule the big things that are important to you before everyone else tries to take up those slots. If you don’t schedule them first, they absolutely won’t happen.

Delegate!

No, you don’t need to do everything. In fact, you can’t.

Focus on what you’re truly gifted at, and leave all the other activities to someone else.

P.S. This is also my first short film. Drop me a comment and let me know what you think. Should I do more of these? Let me know!

You may have never been to the UK, but what just happened there is affecting your money

Brexit.

Hopefully the first time you heard that word wasn’t last Friday when the Dow Jones tanked by 600 points and it suddenly dawned on you that your 401k was dropping too.

Just in case you still haven’t heard the word, Brexit is short for the British exit from the European Union, which was voted for by the citizens of Britain last week.

If world politics isn’t your thing, let’s just say that the Brexit is kinda like Pittsburgh football fans voting for the Steelers to leave the NFL…even though they still want the team to play in NFL games and compete for the Superbowl.

Not quite sure how that would work?

Well, investors aren’t sure how the Brexit is going to work either and when investors are faced with too much uncertainty they sell…everything and a lot of it.

Why is Britain affecting US markets?

We’re more interconnected than you think.

​​​​​​​The folks who pushed for the vote to leave the UK probably did so wearing an Italian suit, a tie from China, driving a car from Japan while eating French Fries.

Large countries all sell things to each other, buy things from each other, invest in each other’s markets, etc.

When something this huge happens abroad, the affect will inevitable trickle down to our investments at home.

Ok, what does this mean for my 401k?

I’m glad you asked.

I had the exciting opportunity to share my thoughts with the entire country on CNN Newsroom with Fredricka Whitfield.

Check out the video above for my thoughts on this event and what you should do with your money from here.

Doing well for yourself and doing good for other people doesn’t have to be mutually exclusive

I had an AMAZING time presenting on the Tom Joyner Fantastic Voyage! I’m so grateful and honored to have been asked to speak!

It was a fantastic opportunity to share my thoughts with a new audience, there were so many great entertainers and of course the scenery was absolutely gorgeous.

I also came away with an important insight: Doing well for yourself and doing good for other people don’t need to be mutually exclusive.

Now, I’ve known this for a while; it’s how I’ve built my entire career.

But, this cruise is one of the best examples of this.

Tom joyner is a very successful media personality and has undoubtedly done very well for himself. There are some estimates that his net worth is around $30 million, and he probably could have created the cruise as a strictly for-profit venture.

Yet, he created the cruise as a fundraiser for Historically Black Colleges and Universities (HBCUs) and has donated over $60 million to them over the 16 years that he’s been doing the cruise. That is absolutely astonishing.

There’s something major to learn here. If you want to help people, you don’t have to go start a “non profit organization” and start begging other people for money for your cause.

You can go out, be wildly successful and either donate your own funds or create a business that generates funds for your favorite cause.

Brilliant.

Jay Z said, “I can’t help the poor if I’m one of them. So I got rich and gave back, to me that’s the win-win.”

You didn’t invent Uber. Here’s why, and how you can invent the next one.

It all seems so obvious now.

You’ve been in cabs before. You hate them. You have a mobile phone. You use it a lot. You use apps. You enjoy using them.

Why not use the apps you love on the phone to stare at all day to solve the awful experience of catching a cab?

Aha!

The only problem is, someone beat you to it and created a billion dollar company by basically turning every car on the planet into a taxi.

Brilliant.

Now, we’ve all had the dreaded “Why didn’t I think of that?” moment and it can be easy to agonize over not connecting the dots on a puzzle that seems so easy to solve in retrospect.

But as they say, there’s no use crying over spilled Moet.

A much better use of your time would be to put yourself in position to come up with great ideas in the future.

See, the reason you didn’t invent Uber (or insert other company that applies to your WDITOT moment) isn’t because you don’t have the ability to come up with great ideas.

You do!

It’s because you don’t have a deliberate process for generating ideas and putting them into action.

Now for the good news!

The good thing for you is that it’s pretty easy to start being deliberate about developing new ideas. The added benefit is that when you start generating lots of ideas you take the pressure off of yourself to come up with the “One Big Idea” that most people think will just suddenly pop into their heads one day.

How to Come Up With Better Ideas

1. Be hyper curious & aware

You have to notice things that most people don’t notice. And don’t just notice them, get in the habit of asking yourself “What if…” or “How could I make this better?”

2. Stop waiting around for “The Big Idea” to drop into your lap

The “Aha Moment” sounds great interviews but people rarely stumble upon great ideas.

3. Document your ideas and set aside time to evaluate them

Write down or put your ideas in your phone the moment you have them. Then set aside specify time during the week to think critically about those ideas, evaluate them and decide which ones you want to move forward on.

4. Find someone you can trust to discuss your ideas with

Now, the Winklevoss twins might not agree with this tip, but the mere act of communicating your idea with someone else can help make the idea clearer in your own mind and might help you get closer to making it a reality.

Your Lattes Aren’t The Problem. It’s Time to Make More Money.

Every year around this time your inbox starts to get inundated with advice from the so-called financial “gurus” telling you that if you want to improve your financial like you need to do things like:

Stop going out to eat for lunch. Brown bag it!

Turn the lights off when you leave the room. Save $1.50 per month!

Cut out your daily latte!

Now, I know they mean well, bless their little hearts. And while they can be useful to you if you’re in a real cash crunch, those ideas are mostly just rearranging the chairs on the sinking ship. There’s a definite limit to how much you can cut your spending.

Plus, when people give you advice like that what they inherently seem to be saying is,

“I don’t think you can do any better than you already are, so your only option is to cut out all of the enjoyment in your life if you ever hope to accumulate any money.”

If there’s a certain type of life that you have envisioned for yourself, your job is to figure out how to generate the income that will afford you that lifestyle.

See, I’ve seen many people stay in jobs where they are unfulfilled and underpaid simply because they feel as though their current situation is “safer” than looking for a new job or starting a business.

However, with technology replacing workers everyday (if a robot can do your job, it soon will) and companies eliminating positions at a breakneck pace, the only “safe” career strategy is to be relentlessly focused on maximizing your income and accumulating multiple streams of revenue.

Now for the good news!

The good thing for you is that while you may find it nearly impossible to save the amount of money you desire to save in your current situation, it’s never been easier in the history of this planet to make more money without needing someone’s permission.

Thanks to Al Gore’s invention of the Internet, the doors to more income have been blown open wide enough for you to drive a truck through…or your new 7 series, whatever floats your boat.

How to Make More Money in 2016

A few days ago, I landed my very first appearance on the Fox network and I was honored to be able to use that platform to provide some of my best ideas on how to make more money in the new year.

Here’s an excerpt:

1. The Sharing Economy

Seriously, if you need extra money and you have a vehicle, why wouldn’t you drive for Uber or Lyft?

2. Freelance

If you have an MBA you can find independent consulting gigs on HourlyNerd.com

3. Teach/Tutor

Forbes thinks online learning is going to be a $100 billion+ industry in 2016. If you have a useful skill, a computer and an internet connection, part of that pie could be yours…

But wait, there’s more!

Check out the video of my recent appearance on Fox’s #GoodDayPhiladelphia to get even more tips and resources on dramatically increasing your income this year.

Most people that I come into contact with, even those with a “high salary,” just aren’t being paid what they’re worth. Fortunately, that is not a situation that you have to stand for any longer.

If you’re going to make any resolutions this year, I’d suggest that you resolve to improve your financial life by making more money.

A speed boat will help your reach the island much faster than a neatly aligned deck chair on the Titanic.

Once again the timeless advice of our favorite R&B acts of yesteryear has proven its truthfulness.

Look, athletes and entertainers are targets. Young ones. Old ones. Middle aged ones. It doesn’t matter. If you’re good at sports at any level, believe me, there is someone in the shadows waiting to take advantage of you one way or another.

Now, he’s obviously a target because he’s a young, highly paid athlete in one of the largest sports markets in the world. This we already know.

Yet, he absolutely did himself no favors by consistently posting pictures on Instagram of himself with his prized possessions:

That just shows you the gift and the curse of social media. Fans can get to know you and admire your success. Thieves can follow your moves and plot against you. Until something happens, you can never really be sure who’s who.

Certainly, one could question the wisdom of taking two young women whom you just met, back to the place that you call home. For many, many reasons this could have ended up bad, but we’ll save that discussion for another day.

Sure, it would be reasonable to question the necessity of owning $750,000 in jewelry. However, perhaps the other areas of his financial life are secure and he chooses to spend his discretionary funds on jewelry. Cool, do your thing.

What’s unacceptable, though, is to have that amount of money in expensive possessions stored in a place where they could easily be taken, particularly if you are going to have unfamiliar individuals running around your house. To be clear, a Louis Vuitton jewelry case in the back of a closet isn’t a secure location.

So students, class is in session; please take notes. Here’s my advice on making sure you are not the next victim of the bling ring:

2) Make sure you have digital copies of the appraisals for all of your jewelry stored somewhere in the cloud.

3) Buy enough insurance to make sure that all of your items are covered. Don’t assume that your homeowners or renter’s insurance will cover the full amount of your holdings.

4) If you’re going to purchase a significant amount of jewelry, for goodness sake buy a safe with a combination that only you know and anchor it to the floor. It’s not that hard. You can purchase a perfectly good one on Amazon and it will be to you in two days with Amazon Prime.

5) Don’t get lulled into a false sense of security by a pretty face and a short skirt at the club. When in doubt, please refer to Bell Biv Devoe above.

6) Lest you think I’m only talking about women seeing you as a target, you must understand that men see you as a target too. But instead of a skirt, they’ll have on suits and call themselves, agents, financial advisors, attorneys, car dealers, jewelers, casino builders, movie producers and so on. You must always have your guard up with them as well. As Mark Jackson would say, “Hand down, man down.”

I get it. Athletes like jewelry. It’s a thing. Especially in your 20s.

However, you must at least treat your jewels, your cash and your hard work with some respect. Seriously.

Whomever decides to steal your jewels (most likely) weren’t with you shooting in the gym.

I’m sure you didn’t put in all of those hours getting to the top level of your profession just to allow someone to take advantage of you.

As a high draft pick, or a player with a big second contract, it’s easy to believe that you won’t be one of the guys that goes broke because you’ll be making “so much money.”

Yet, in reality, it’s the guys who make the most who have the highest probability of going flat broke. The bigger they are the harder they fall.

Take former Washington Redskins running back, Clinton Portis, for example.

It’s been reported that Mr. Portis filed for bankruptcy last week despite making more than $40 million during his playing career including a contract that made him the highest paid running back in the NFL at the time.

Of particular note is the $8 million (!) that he lost by investing in a now defunct Alabama casino, $2 million (!) that he lost to the now defunct Jade Private Wealth Management, nearly $300k owed to the MGM Grand, and $500,000 he owes to former sideline reporter and current Entertainment Tonight correspondent Nichelle Turner (what?).

In fact, his list of creditors looks like a screenshot from the ESPN 30-fo-30 documentary Broke, or an excerpt from the script of Dwayne “The Rock” Johnson’s show “Ballers” on HBO (which I should totally be cast for during the second season, just saying).

As a celebrity financial advisor, what would my advice be to athletes looking to avoid a similar fate?

a) Don’t invest in businesses, especially with 7 figures of your hard earned money, that you don’t understand until you’re done playing and have the time to become educated on your potential ventures.

b) Have faith, but don’t trust. This is the title of an entire chapter in my upcoming book on financial management for athletes. Have faith in your financial adviser, but don’t trust them. Ever. Make sure that you have systems in place so that trust never becomes an issue. If you’d like to learn how to do this, contact me, I’ll teach you how.

c) Don’t buy property to live in with expenses so high that it will be difficult to keep up with them once you’re done playing.

d) Have a plan for how you’re going to make money when you’re done playing, aside from trying to hit a home run with a casino business. If you don’t have a plan on living and working with purpose when you retire at such a young age, you’ll have too much time on your hands and the money will start slipping through your fingers.